Also, when you say you cleared $550k in revenue, where did that put you for your net profit?

It keeps everyone on the same page.3) The downside of using a PM who has their own maintenance company is that you might end up with larger bills as it is a profit center for them.

There are very successful STRs here, you just have to know the best areas to be profitable. 

I would also urge you to make sure you fully understand how they operate , A-Z (from how they make their profit to how many doors they are managing). 

A good place to start figuring out profit/cash flow is to search the forums for the 4 Square Analysis. 

To scale this route you need to have a good system in place to ensure you are profitable.

Additional Info —Key Details:Location: Outside Santa Fe, NMProperty Size: 20 acres (valued at $80,000)Project: Two new STR unitsExisting Experience: Family has two fully-occupied LTRs nearby, generating $2,000/monthConstruction Approach: Self-contracted with licensed trades for electrical/plumbingCost Assumption: $80,000 per unit, plus ~20% for inflation (based on 5–8-year-old build costs)Financing: Using land equity as down payment on construction loan (expecting closing costs to be major expense)Request: Looking for feedback, potential pitfalls, and general guidance

I have not lived in the property two years and feel that any profit I may make on a sale would get chewed up by closing costs and capital gains. 

If the market rents do not cover the mortgage, you may do a no ratio DSCR for a higher rate/reduced LTV  Which most likely the 1007 will be nowhere near the revenue generated by a PadSplit operation.

They are designed particularly with mother-in-law or next generational living in mind.